30s Summary

Bitcoin, which recently dipped around 2%, has bounced back to exceed $67,500. However, some analysts suggest the cryptocurrency might first drop to $60K before stabilising. Crypto trader Willy Woo predicts altcoins may not rally as strong as they did during the 2017 bubble. Five cryptocurrencies demonstrating strength include Bitcoin, Solana, Dogecoin, THORChain, and Bitget Token. As with all investments, the author stresses the importance of research and informed decision-making.

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So, Bitcoin had a bit of a dip last week, around 2% down, but don’t worry – it didn’t stay low for long. Bitcoin quickly bounced back above $67,500 as of October 27, after its buyers made sure the price didn’t stay below $65,000. The analysts over at Kraken are feeling pretty good about Bitcoin’s future, as long as its price stays above $66,500.

But, not all folks are sharing this enthusiasm. Crypto analyst Luca shared thoughts that Bitcoin might take another hit to $60K before it reaches a steady point.

Now, there has been some chat about altcoins rallying after Bitcoin secures a 60% dominance. Crypto trader Willy Woo predicts this altcoin season might be weaker than the 2017 altcoin bubble.

So what are the top 5 cryptocurrencies that are looking strong right now? Let’s take a look.

First off, Bitcoin. Despite some attempts to pull Bitcoin below the 20-day average ($66,201) on October 25, the bulls held strong. Buyers will now need to push the price above $69,550 to keep the upward trend. If they don’t, the bears may take over if the price falls below $65,000.

Next, Solana. It broke out from an ascending triangle pattern on October 20, and the bulls made sure it stayed that way on October 25. The bulls are leading right now and there’s some resistance at $179, but this could quickly be overcome with a potential rally to $189.

Dogecoin is also holding a strong position. On October 18, it broke out of a symmetrical triangle pattern, a pattern it successfully defended on October 25. If the buyers can keep the price above $0.15, the Dogecoin pair could shoot up to $0.17, and then $0.19.

Talking about THORChain, it has also formed a symmetrical triangle, often a pattern of continuation. If the trend before the triangle is carried on post-breakout, we could see the THORChain pair rise to $5.71, and then to the pattern target of $6.76.

Lastly, Bitget Token has been steadily climbing, showing the bulls are in control. If buyers can keep the price above $1.22, the Bitget Token pair could potentially surge to $1.34 and then to $1.43.

But remember folks, investing in crypto isn’t a game. It comes with its risks. So make sure to do your own bits of research and make informed decisions.

Source: Cointelegraph